Low VA Rates with VA Streamline

Low VA Rates with VA Streamline

admin | November 11, 2009 | 0 Comments

VA mortgage rates are available as low as 4.75% for 30-year loan terms. According to the VA Home Loan Company, another great feature is that the “VA streamline refinance loan is that you can get it with no closing costs.” The only cost to the loan is a 0.5% funding fee. And that can be wrapped up in the mortgage. Now, you cannot cash-out on your mortgage with this particular loan. However, if you have some energy improvements you would like to make to your house, you may be able get up to $6000 added to the VA home loan to cover these costs.

With credit tightening and underwriting becoming more difficult, the VA streamline loan option by-passes this for veterans. However, it is in the best interests of any veteran to know what a VA lender should be saying. If a lender tries to say they are the only one qualified to make VA IRRRL loans, they are wrong. Any VA lender can. If they say that there are certain lender costs that must be added, be wary. The only cost associated is the 0.5% funding fee. And be cautious if you are going to refinance your home for more than it is worth. You may get into a situation where you would find it difficult to sell your home and cover the mortgage. See a VA mortgage professional for guidance before making any financial decisions.

Bryan Dornan publishes military finance articles online and recommends that VA lenders and loan professionals visit the Lead Planet to purchase real-time internet mortgage leads. For veterans who need more VA home loan insight, he recommends VA streamline website. See VA loan page for 100% no money down programs for Vets. Article Source: http://EzineArticles.com/?expert=Bryan_Dornan

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